Need urgent help with mortgage rights

killerk55

Thanks for you help in advance

Right ,Me and my partner are first time buyers on a new house

Prior to me meeting my partner I had already filed for bankruptcy so we decided it would be better to put the mortgage solely in her name
I was discharged of bankruptcy in early January but credit was a concern.

I want to be added to the mortgage/house in any sort of way but not take out a new mortgage , we have only been paying for 7 months

I have and will be investing my money and time into refurbishing the house entirely . The value will be significantly more and don’t want to lose out in the long run . Id like to know my rights if we did split up.

People have mentioned a declaration of trust or put something on the deeds . . .what is this
and has anyone got advice for me please ..........

silvercar

I have and will be investing my money and time into refurbishing the house entirely .

Do you mean general help with utility bills and paying the mortgage?

Your time for refurbishing the property, doesn't really have a value unless you are going to charge your partner for handy work.

The value will be significantly more and don’t want to lose out in the long run .

Major works require significant investment, house prices are falling so a quick coat of magnolia isn't going to add thousands to the value.

Id like to know my rights if we did split up.

Is this house being refurbed to make a home for you and your partner or is it a business venture with the plan to sell soon and make a profit?

Remember that, with your credit record, you were not able to get a mortgage at all. Its only because of your partner that you were able to get a mortgage to buy the property.

killerk55

No we pay half on everey bill in the house .. . .EVERYTHING

The house is completeley getting re done . thousands will be spent on it to turn the house completeley around .

Its not a business venture at all . its our first house and I can gurantee the house price has and will keep rising due to the worke done.

Im just in a position where Im investing a lot of money and if it doesnt work out as planned I could be left homeless and penniless.

any advice

StuTheDon

killerk55 wrote: »

No we pay half on everey bill in the house .. . .EVERYTHING

The house is completeley getting re done . thousands will be spent on it to turn the house completeley around .

Its not a business venture at all . its our first house and I can gurantee the house price has and will keep rising due to the worke done.

Im just in a position where Im investing a lot of money and if it doesnt work out as planned I could be left homeless and penniless.

any advice

You are not going to get on a mortgage agreement for at least 6 years - at least not a competative one which your partner will accept.

I'm sorry but unless you have cast iron examples of houses in your area rising significantly in value I think you are taking a risk investing thousands.

On that subject, given you were only just discharged, how do you have thousands to invest? I know you are discharged now however if you had this money during your bancruptcy, and the OR finds out when not aware, you might be made to pay it back.

I think you are just going to have to trust your partner re the money.

killerk55

I have been bankruprt for a while but have been discharged since january

Im a qualified joiner/electrician/plumber . . .the works basically and therefore can re do the whole house up at no cost on labour whilst finding time to work also.

Thousand will be invested on the parts througout the time period as we have done in the last year

I do trust my partner with my life.

Id like to know what can be done in order to just feel safe.

can I be put on mortgage
can I get a declaration of trust
Can I be put on deeds
or is there more options

Trollfever

Take professional advice.
Speak to a solicitor.

apple_lover

I have spoken to a solicitor on a similiar issue, I was told that if your name is not on the mortgage then your name can't be on the house deed, the option to protect your interest is to set up a Declaration of Trust...

Cazza

Apple_lover is correct - the names on the mortgage and the house deeds need to be the same, have a look at this thread.... http://forums.moneysavingexpert.com/showthread.html?t=1645257

Protecting your interests is entirely possible though, talk to your solicitors as they will be able to draw up suitable paperwork and deeds to do this.